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...Participation is limited. You're not going to see a wealth effect" - a decline in consumption because people feel poorer when stocks fall - "and companies don't use the market as a major tool of financing." Investors who thus savaged the stock of, say, Caterpillar Inc., a heavy-equipment maker in Peoria, Illinois, because they feared the company's booming China business was suddenly going to fall off the cliff should probably rethink that a bit. As Jun Ma, the chief economist for greater China at Deutsche Bank in Hong Kong, says, "We do not see any significant impact...

Author: /time Magazine | Title: Behind China's Stock Meltdown | 2/28/2007 | See Source »

...requirement that all men grow beards, was a total prohibition of kite flying. In the first heady days after the fall of the Taliban in December 2001, men shaved, music blasted on car stereos and kites took to the air. For Noor Agha, Kabul's best kite maker, business has been soaring ever since...

Author: /time Magazine | Title: The Kite Maker | 2/22/2007 | See Source »

...knows my recipe for making a glue that stays perfectly flat when it dries, without rippling the tissue paper," he says. Business is so good these days that Agha has had to teach his wives how to make kites. He proudly calls one of them "the second best kite maker in Kabul," although he insists that she will never be as good as he is. "I have 45 years' experience. She'll never be able to catch up." His 6-year-old daughter may have a better chance. Already she is making her own kites to sell to neighborhood children...

Author: /time Magazine | Title: The Kite Maker | 2/22/2007 | See Source »

...glass technique is something the fourth-generation kite maker learned from his father. For kite fighters it was the equivalent of graduating from bow and arrow to gunpowder. But increasingly there is a risk that the fighting kites are becoming too effective. For a while, those made with Pakistani nylon fishing line were all but impervious to attack. Then canny arms dealers started importing flexible, razor-sharp wire from China. The escalating threat of mutually assured destruction, according to Agha, widely recognized as the best kite fighter around, has taken the artistry out of the game. "Now it's like...

Author: /time Magazine | Title: The Kite Maker | 2/22/2007 | See Source »

...buying car-parts maker Lear? I thought the American auto industry was dying...

Author: /time Magazine | Title: 10 Questions for Carl Icahn | 2/15/2007 | See Source »

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